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Can I reduce the amount of money shown on my 1040V estimated tax statements for 2017 without penalty?

Forum|Forum|7 years ago
June 4, 2019
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I will have significantly less income for 2017 than 2016 because of inheriting an annuity in 2016.

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Best answer by SteamTrain

Not your 1040V...that is for the Balance due on your 2016 taxes.

For the four 2017 1040ES vouchers, yes, you can even dump them in the trash if you don't expect to owe extra next year. The IRS doesn't know those forms were prepared. Bump up your other withholding a bit at work (if you have a job), but if you expect a refund for 2017 the way it is now, you don't have to do anything.

SteamTrainAnswer

Employee

Not your 1040V...that is for the Balance due on your 2016 taxes.

For the four 2017 1040ES vouchers, yes, you can even dump them in the trash if you don't expect to owe extra next year. The IRS doesn't know those forms were prepared. Bump up your other withholding a bit at work (if you have a job), but if you expect a refund for 2017 the way it is now, you don't have to do anything.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*